Virgin Australian breaks into the US capital markets

Virgin Australia has successfully launched its first capital markets deal, which is also the first EETC-like deal to be launched out of Australia. The US$732.623 million Enhanced Equipment Notes (EEN) Series 2013-1 is a three tranche transaction. The US$474.049 million class A notes have a final maturity of October 23, 2023, with a weighted average life of four years and a loan to value ratio of 55.5% are rated Baa2/A by Moody’s and Fitch. Pricing expectations for the Class A was set at 5%. The US$120.667 million Class B tranche matures on October 23, 2020, with a WAL of 3.3